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When Big Deficits Become Good

Whitewing

Well-known member
As a senator and presidential candidate, Barack Obama said that he detested budget deficits. In 2006, when the aggregate national debt was almost $8 trillion less than it is today, he blasted George W. Bush’s chronic borrowing and refused to vote for upping the debt ceiling: “Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’”

In 2008, Obama further blasted Bush’s continued Keynesian borrowing: “The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children . . . so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman, and child. That’s irresponsible. It’s unpatriotic.” Strong words. But so worried was Obama about the debt that just two weeks after he took office, he promised still more: “And that’s why today I’m pledging to cut the deficit we inherited by half by the end of my first term in office. I refuse to leave our children with a debt that they cannot repay.”

In his first term, Obama has added more than $5 trillion to the national debt, borrowing more in four years than the “irresponsible” and “unpatriotic” Bush did in eight. In fact, Obama is on schedule to add more total debt by the end of his two terms than all prior presidents combined.

What happened to worries about leaving our children with a “debt they cannot repay”? And where did all that borrowed money go, given that the war in Iraq has been over for more than a year, and we are winding down in Afghanistan?


What, then, explains the vast gulf between the prior Obama rhetoric and his current record on deficits?

One of two things occurred.

The first possibility is that Obama and his advisers really believed that record deficit spending, near-zero interest rates, and expansions in federal entitlements would jump-start the economy into prosperity. In fact, the opposite occurred. Economic growth continued to hover around or below 2 percent of GDP. Unemployment has never dipped below 7.8 percent during Obama’s entire presidency. The massive borrowing made things worse, not better.

A second explanation for Obama’s “irresponsible” and “unpatriotic” behavior is that, at some point, he began to see political advantages to massive borrowing when combined with near-zero interest rates. The growth of entitlements is popular with many voters, especially given that 47 percent pay no federal income taxes. Politically, it proved wiser to provide free birth-control pills than to be demagogued as wanting to throw granny over a cliff. Who wants to run on giving fewer things to voters and making everyone pay more for what they receive?

http://www.realclearpolitics.com/articles/2013/01/10/when_big_deficits_became_good_116644.html

And through it all, OT sat silently staring at his shoes.
 
A

Anonymous

Guest
Huge difference between Obama's borrowing to spend back in the country and by US citizens/residents building for the countries longterm future---- and GW's sending Trillions $ to a sandpit to build the GW Bush superhighway thru Bagdad- and stuffing of the Mullahs pockets....
 

hypocritexposer

Well-known member
Oldtimer said:
Huge difference between Obama's borrowing to spend back in the country and by US citizens/residents building for the countries longterm future---- and GW's sending Trillions $ to a sandpit to build the GW Bush superhighway thru Bagdad- and stuffing of the Mullahs pockets....





AUSTRALIA: $162,000 for Melanoma Tumor Samples to be sent to the National Cancer Institute

CHINA: Outsourced jobs to China.

● $30 MILLION to an American LED manufacturer to open plants. It did, and half of the company’s employees are now located in China.

● $337 MILLION for an Arizona solar plant – the panels will be supplied by a Chinese solar panel manufacturer.

● GE cancelled a contract with an American manufacturer of parts for Wind Turbines, and then ordered from China. The company, ATI, offered to match the price from China. GE refused the order and the American company laid off 302 workers.

● GE has used Chinese-made Wind Towers over American Towers at Stimulus funded Shepherds Flat Wind Farm in Oregon.

● A solar power company received $5.4 MILLION in grant monies, then laid off America workers based on an increased reliance on imports from China.

DENMARK:

● $51.6 MILLION in Obama Stimulus Grants to build factories in the US. Layoff of 180 US workers have been announce,

● and possibly another 1,600 by the end of 2012. $218 MILLION Stimulus grant for wind turbines for the US assembled in Denmark.

● $25 MILLION for the construction of a “Demonstration Scale Biorefinery.”

DOMINICAN REPUBLIC
: Obama Stimulus funds for Renewable Energy Call Center (could have been a US project).

EL SALVADOR
: Stimulus funds used to hire hundreds of workers in El Salvador and the Dominican Republic to administer Renewable Energy Appliance Rebate Program (could have been a US project).

FRANCE: Obama Stimulus funds for foreign-made Wind Turbines. $69 MILLION in cash grants

FINLAND:
$100,000 to build luxury electric sports cars

GERMANY:

● $440 MILLION for Wind Farms before Stimulus was passed. Turbines for US used were manufactured in Germany.

● Another $100 MILLION to Spain in grant monies for Wind Farms. In September 2011, the company announced the would lay-off 10% of their American workforce.

GREAT BRITAIN/UK: UK:


● $39 MILLION in Obama Stimulus funds to build electric delivery trucks.

● Another British private equity firm received $40+ MILLION in Obama Stimulus Funds by buying an American company days before the Stimulus funds were designated.

INDIA:
Stimulus funds for Wind Turbines manufactured in India for the US use. $69 MILLION in cash grants.

INDONESIA:
$1.5 MILLION to reduce pollution in Jakarta, one of Obama’s home cities

ITALY:

● Obama Stimulus funds for foreign-made Wind Turbines. Italian company, Brevini Wind was given a $12.75 MILLION Tax Credit to manufacture gearboxes in Indiana. The company promised to hire 450 Americans. So far, only 70 jobs have evolved and the facility will not be in operation until late 2013.

● Other Italian Wind Turbine manufacturers received of $84 Million in CASH GRANTS throug Obama’s Stimulus

JAPAN: Before the Obama Stimulus was passed, we sent money to Japan to build a Wind Farm. $91.4 MILLION in grants – 180 Turbines manufactured in Japan by Mitsubishi.

LUXEMBOURG: $31.5 MILLION in Obama Stimulus funds for a Waste Heat Recovery Unit

MEXICO:

● Obama Stimulus funds for Mexico. Mexico’s SunPower says some of the solar panels for the $1.3 BILLION stimulus-backed California Solar Valley Ranch will be manufactured in Mexico – not California.

● Another $16 MILLION to create green manufacturing jobs in Mexico, while the US company laid off workers here and sent work to Mexico.

NEW ZEALAND:
Stimulus funds go to NZ contractor – work that could have been done by a US contractor. $817,000 awarded to Connexionz to install bus monitors for the city of Santa Clarita.

RUSSIA: We funded a company in Russia. It went bankrupt. Russian investors bought it. $118 MILLION from Obama’s stimulus to produce vehicle batteries. The Russian investor’s company may do work for the US Military!

SPAIN: Obama Stimulus funds for foreign-made Wind Turbines. $1.5 BILLION in loans and grants. The company claimed it had created over 15,000 American jobs but the company has only 850 US-based employees.

SWITZERLAND: A Swiss-based company received $50+ MILLION in Stimulus contracts for Smart Grid Meters. Cathy Zoi, a former Obama Energy Department Official held over $250,000 in stock in the company. Zoi has previously served as an Executive Director with the company before joining the Obama administration.

THAILAND: $200 BILLION for General Motors plant in Thailand – after GM took a taxpayer-funded bailout they build the Thailand lant to build diesel engines for the Chevy Colorado Pickup truck.

VIETNAM:
GE builds Wind Turbine plant. GM’s Jeffery Immelt chairs the President’s Job Council and GM received over $1.2 BILLION in Obama Stimulus funds.

SOUTH KOREA:


● Obama Stimulus funded America jobs used to hire foreign nationals. $300 MILLION to manufacturer electric vehicle batteries after building plants in Michigan. Unions are balking and saying foreign nationals are being brought in to fill jobs for Americans.

● The Department of Energy admits that 11 of 18 contractors are Asian firms. $179 MILLION for parts from South Korea.
 

hypocritexposer

Well-known member
It might surprise you OT, to know that obama gives more for "nation building", to Countries like Afghanistan, than Bush did.

The United States fiscal year 2013 foreign aid budget is projected to total $56.1 billion. This is an increase compared to the FY2012 foreign aid budget, which amounted to $47 billion. The increase may reflect the new $16 billion the U.S. pledged to Afghanistan through 2015. But what happens after 2015?


aid1-1.png

aid3.png

aid2.png
 
A

Anonymous

Guest
hypocritexposer said:
Oldtimer said:
Huge difference between Obama's borrowing to spend back in the country and by US citizens/residents building for the countries longterm future---- and GW's sending Trillions $ to a sandpit to build the GW Bush superhighway thru Bagdad- and stuffing of the Mullahs pockets....





AUSTRALIA: $162,000 for Melanoma Tumor Samples to be sent to the National Cancer Institute

CHINA: Outsourced jobs to China.

● $30 MILLION to an American LED manufacturer to open plants. It did, and half of the company’s employees are now located in China.

● $337 MILLION for an Arizona solar plant – the panels will be supplied by a Chinese solar panel manufacturer.

● GE cancelled a contract with an American manufacturer of parts for Wind Turbines, and then ordered from China. The company, ATI, offered to match the price from China. GE refused the order and the American company laid off 302 workers.

● GE has used Chinese-made Wind Towers over American Towers at Stimulus funded Shepherds Flat Wind Farm in Oregon.

● A solar power company received $5.4 MILLION in grant monies, then laid off America workers based on an increased reliance on imports from China.

DENMARK:

● $51.6 MILLION in Obama Stimulus Grants to build factories in the US. Layoff of 180 US workers have been announce,

● and possibly another 1,600 by the end of 2012. $218 MILLION Stimulus grant for wind turbines for the US assembled in Denmark.

● $25 MILLION for the construction of a “Demonstration Scale Biorefinery.”

DOMINICAN REPUBLIC
: Obama Stimulus funds for Renewable Energy Call Center (could have been a US project).

EL SALVADOR
: Stimulus funds used to hire hundreds of workers in El Salvador and the Dominican Republic to administer Renewable Energy Appliance Rebate Program (could have been a US project).

FRANCE: Obama Stimulus funds for foreign-made Wind Turbines. $69 MILLION in cash grants

FINLAND:
$100,000 to build luxury electric sports cars

GERMANY:

● $440 MILLION for Wind Farms before Stimulus was passed. Turbines for US used were manufactured in Germany.

● Another $100 MILLION to Spain in grant monies for Wind Farms. In September 2011, the company announced the would lay-off 10% of their American workforce.

GREAT BRITAIN/UK: UK:


● $39 MILLION in Obama Stimulus funds to build electric delivery trucks.

● Another British private equity firm received $40+ MILLION in Obama Stimulus Funds by buying an American company days before the Stimulus funds were designated.

INDIA:
Stimulus funds for Wind Turbines manufactured in India for the US use. $69 MILLION in cash grants.

INDONESIA:
$1.5 MILLION to reduce pollution in Jakarta, one of Obama’s home cities

ITALY:

● Obama Stimulus funds for foreign-made Wind Turbines. Italian company, Brevini Wind was given a $12.75 MILLION Tax Credit to manufacture gearboxes in Indiana. The company promised to hire 450 Americans. So far, only 70 jobs have evolved and the facility will not be in operation until late 2013.

● Other Italian Wind Turbine manufacturers received of $84 Million in CASH GRANTS throug Obama’s Stimulus

JAPAN: Before the Obama Stimulus was passed, we sent money to Japan to build a Wind Farm. $91.4 MILLION in grants – 180 Turbines manufactured in Japan by Mitsubishi.

LUXEMBOURG: $31.5 MILLION in Obama Stimulus funds for a Waste Heat Recovery Unit

MEXICO:

● Obama Stimulus funds for Mexico. Mexico’s SunPower says some of the solar panels for the $1.3 BILLION stimulus-backed California Solar Valley Ranch will be manufactured in Mexico – not California.

● Another $16 MILLION to create green manufacturing jobs in Mexico, while the US company laid off workers here and sent work to Mexico.

NEW ZEALAND:
Stimulus funds go to NZ contractor – work that could have been done by a US contractor. $817,000 awarded to Connexionz to install bus monitors for the city of Santa Clarita.

RUSSIA: We funded a company in Russia. It went bankrupt. Russian investors bought it. $118 MILLION from Obama’s stimulus to produce vehicle batteries. The Russian investor’s company may do work for the US Military!

SPAIN: Obama Stimulus funds for foreign-made Wind Turbines. $1.5 BILLION in loans and grants. The company claimed it had created over 15,000 American jobs but the company has only 850 US-based employees.

SWITZERLAND: A Swiss-based company received $50+ MILLION in Stimulus contracts for Smart Grid Meters. Cathy Zoi, a former Obama Energy Department Official held over $250,000 in stock in the company. Zoi has previously served as an Executive Director with the company before joining the Obama administration.

THAILAND: $200 BILLION for General Motors plant in Thailand – after GM took a taxpayer-funded bailout they build the Thailand lant to build diesel engines for the Chevy Colorado Pickup truck.

VIETNAM:
GE builds Wind Turbine plant. GM’s Jeffery Immelt chairs the President’s Job Council and GM received over $1.2 BILLION in Obama Stimulus funds.

SOUTH KOREA:


● Obama Stimulus funded America jobs used to hire foreign nationals. $300 MILLION to manufacturer electric vehicle batteries after building plants in Michigan. Unions are balking and saying foreign nationals are being brought in to fill jobs for Americans.

● The Department of Energy admits that 11 of 18 contractors are Asian firms. $179 MILLION for parts from South Korea.

That's just everyday normal old pork type stuff Congress spends every year and has for the past 50...

Do I like it-NO- but its nothing new for either Bush or Obama... No where GW totally screwed up is trying to fight two wars (one totally unnecessary) while cutting taxes...Even his Treasury Secretary told him that- so he fired him...
Just like that Puerto Rico Rum subsidy tacked in the Cliff bill- that has a history going back thru Congress's for 70-80 years... Some lobbyist got to Baucus to make sure it got thru again...
 

hypocritexposer

Well-known member
Oldtimer said:
hypocritexposer said:
Oldtimer said:
Huge difference between Obama's borrowing to spend back in the country and by US citizens/residents building for the countries longterm future---- and GW's sending Trillions $ to a sandpit to build the GW Bush superhighway thru Bagdad- and stuffing of the Mullahs pockets....





AUSTRALIA: $162,000 for Melanoma Tumor Samples to be sent to the National Cancer Institute

CHINA: Outsourced jobs to China.

● $30 MILLION to an American LED manufacturer to open plants. It did, and half of the company’s employees are now located in China.

● $337 MILLION for an Arizona solar plant – the panels will be supplied by a Chinese solar panel manufacturer.

● GE cancelled a contract with an American manufacturer of parts for Wind Turbines, and then ordered from China. The company, ATI, offered to match the price from China. GE refused the order and the American company laid off 302 workers.

● GE has used Chinese-made Wind Towers over American Towers at Stimulus funded Shepherds Flat Wind Farm in Oregon.

● A solar power company received $5.4 MILLION in grant monies, then laid off America workers based on an increased reliance on imports from China.

DENMARK:

● $51.6 MILLION in Obama Stimulus Grants to build factories in the US. Layoff of 180 US workers have been announce,

● and possibly another 1,600 by the end of 2012. $218 MILLION Stimulus grant for wind turbines for the US assembled in Denmark.

● $25 MILLION for the construction of a “Demonstration Scale Biorefinery.”

DOMINICAN REPUBLIC
: Obama Stimulus funds for Renewable Energy Call Center (could have been a US project).

EL SALVADOR
: Stimulus funds used to hire hundreds of workers in El Salvador and the Dominican Republic to administer Renewable Energy Appliance Rebate Program (could have been a US project).

FRANCE: Obama Stimulus funds for foreign-made Wind Turbines. $69 MILLION in cash grants

FINLAND:
$100,000 to build luxury electric sports cars

GERMANY:

● $440 MILLION for Wind Farms before Stimulus was passed. Turbines for US used were manufactured in Germany.

● Another $100 MILLION to Spain in grant monies for Wind Farms. In September 2011, the company announced the would lay-off 10% of their American workforce.

GREAT BRITAIN/UK: UK:


● $39 MILLION in Obama Stimulus funds to build electric delivery trucks.

● Another British private equity firm received $40+ MILLION in Obama Stimulus Funds by buying an American company days before the Stimulus funds were designated.

INDIA:
Stimulus funds for Wind Turbines manufactured in India for the US use. $69 MILLION in cash grants.

INDONESIA:
$1.5 MILLION to reduce pollution in Jakarta, one of Obama’s home cities

ITALY:

● Obama Stimulus funds for foreign-made Wind Turbines. Italian company, Brevini Wind was given a $12.75 MILLION Tax Credit to manufacture gearboxes in Indiana. The company promised to hire 450 Americans. So far, only 70 jobs have evolved and the facility will not be in operation until late 2013.

● Other Italian Wind Turbine manufacturers received of $84 Million in CASH GRANTS throug Obama’s Stimulus

JAPAN: Before the Obama Stimulus was passed, we sent money to Japan to build a Wind Farm. $91.4 MILLION in grants – 180 Turbines manufactured in Japan by Mitsubishi.

LUXEMBOURG: $31.5 MILLION in Obama Stimulus funds for a Waste Heat Recovery Unit

MEXICO:

● Obama Stimulus funds for Mexico. Mexico’s SunPower says some of the solar panels for the $1.3 BILLION stimulus-backed California Solar Valley Ranch will be manufactured in Mexico – not California.

● Another $16 MILLION to create green manufacturing jobs in Mexico, while the US company laid off workers here and sent work to Mexico.

NEW ZEALAND:
Stimulus funds go to NZ contractor – work that could have been done by a US contractor. $817,000 awarded to Connexionz to install bus monitors for the city of Santa Clarita.

RUSSIA: We funded a company in Russia. It went bankrupt. Russian investors bought it. $118 MILLION from Obama’s stimulus to produce vehicle batteries. The Russian investor’s company may do work for the US Military!

SPAIN: Obama Stimulus funds for foreign-made Wind Turbines. $1.5 BILLION in loans and grants. The company claimed it had created over 15,000 American jobs but the company has only 850 US-based employees.

SWITZERLAND: A Swiss-based company received $50+ MILLION in Stimulus contracts for Smart Grid Meters. Cathy Zoi, a former Obama Energy Department Official held over $250,000 in stock in the company. Zoi has previously served as an Executive Director with the company before joining the Obama administration.

THAILAND: $200 BILLION for General Motors plant in Thailand – after GM took a taxpayer-funded bailout they build the Thailand lant to build diesel engines for the Chevy Colorado Pickup truck.

VIETNAM:
GE builds Wind Turbine plant. GM’s Jeffery Immelt chairs the President’s Job Council and GM received over $1.2 BILLION in Obama Stimulus funds.

SOUTH KOREA:


● Obama Stimulus funded America jobs used to hire foreign nationals. $300 MILLION to manufacturer electric vehicle batteries after building plants in Michigan. Unions are balking and saying foreign nationals are being brought in to fill jobs for Americans.

● The Department of Energy admits that 11 of 18 contractors are Asian firms. $179 MILLION for parts from South Korea.

That's just everyday normal old pork type stuff Congress spends every year and has for the past 50...

Do I like it-NO- but its nothing new for either Bush or Obama... No where GW totally screwed up is trying to fight two wars (one totally unnecessary) while cutting taxes...Even his Treasury Secretary told him that- so he fired him...
Just like that Puerto Rico Rum subsidy tacked in the Cliff bill- that has a history going back thru Congress's for 70-80 years... Some lobbyist got to Baucus to make sure it got thru again...


No that was "stimulus" spending that has now been added to the baseline budget, because the Senate refuses to do their jobs.

$Trillions added to the debt, by obama.
 
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